Introduced
by
To expand non-resident income tax liabilities by requiring "flow-through entities" such as limited liability companies, partnerships, limited liability partnerships, limited partnerships, and “S” corporations, with non-resident individuals as members, partners and shareholders, to file composite income tax returns and pay the tax on distributive income for their members, partners and shareholders. Senate Bills 401 to 409, and House Bills 4558 to 4565, would amend various sections of the Income Tax Act to accomplish this. This bill is one of many authorizing “revenue enhancements” which Gov. Jennifer Granholm has proposed to close a gap between state spending and expected revenue in the Fiscal Year 2003-2004 budget.
Referred to the Committee on Finance
